The global economy seemed to finally reach a more broad-based and synchronized improvement. We expect the positive trend of the world economy to remain unscathed in 2018.

Despite the optimistic perspective and that investors anticipate those conditions to continue, the risk of equity markets to disappoint is high with fears about the sustainability of high valuation.

The biggest risk out there is the interest rate risk and central banks around the world were inclined to unwind their monetary policy to normality.

Therefore, we have applied a more cautious investment strategy for 2018…